Friday, June 29, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.29.2012

Posted: 29 Jun 2012 05:56 AM PDT

Good Morning:

EU summit after EU summit-nothing gets done-
BUT- this one actually came through with some results.
EU leaders have agreed to take emergency action to lower Italy and Spain’s borrowing costs.
Bond buying mechanism
Euro growth package

European bond yields fall after the news-while German bunds moved a bit higher in yield.

World equity markets rallied on the news-and US Futures are up big!

Oil higher (over $81 bbl)
Gold & silver are also higher

HAVE A GREAT DAY-WEEKEND & GOOD LUCK
Posted by at No comments:

Thursday, June 28, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.28.2012

Posted: 28 Jun 2012 06:29 AM PDT

Good Morning:

Most market participants are not expecting any worthwhile deal being produced from this week’s EU summit.
French President Hollande is looking for a long term solution to the EU’s problem, and also looking for a short term solution to the crisis.
He will probably get neither-but remember this is his first “party” with the rest of the EU leaders.

News that the losses from JP Morgan’s trading may rise to $9 billion are hurting JPM’s stock price-down 3% in European trading.  This is also putting pressure on Jamie Dimon’s credibility in the marketplace.

US Q1 GDP at 1.9%-as expected.
US Jobless claims fall by 6k to 386k.

Asian equity markets were mixed -Europe and US Futures are lower.
Gold,Silver and Oil are all lower.

HAVE A GREAT DAY & GOOD LUCK
Posted by at No comments:

Wednesday, June 27, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.27.2012

Posted: 27 Jun 2012 05:31 AM PDT

Good Morning:

The markets are on a holding pattern ahead of the EU summit planned for Thursday & Friday of this week.

Part of the conversation that will take place at the summit will include extending Greece’s timeline for getting their budget in order.
I am sure that if the EU agrees to an extension-then it is inevitable that the EU will demand more austerity measures from Greece. 
News from Greece that they are expecting the economy to contract by over 9% in Q3 are adding to their woes.

Spain’s Finance Minister is looking to have all goods and services taxed at the current 18% VAT.
This would certainly hamper consumer spending and growth prospects.
Spain is also realizing that they must start  financing themselves in the international markets-and not just rely on their domestic funding.

Asian equity markets were higher-as are Europe’s and US Futures. 

WTI oil is up-but still under $80/bbl.
Gold and Silver are lower.

HAVE A GREAT DAY & GOOD LUCK
Posted by at No comments:

Monday, June 25, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.25.2012

Posted: 25 Jun 2012 05:15 AM PDT

Good Morning:

Oh Well- another European Summit is scheduled for this week-which will keep the markets interest for the week ahead. Once again- markets are hopeful that this summit will actually lead to some meaningful progress- BUT like all the other European Summits in the past- no meaningful changes will take place within the  48 hour summit.
Europe needs to fix things NOW-and they continue to just talk-getting no where fast.  It looks like the market is taking  precautionary measures of their own-and are starting to take some risk off the table today.

Spain formally requested the European aid package for the banking sector.
Fitch downgrades Cyprus to BB+ from BBB–outlook negative.
Italian and Spanish 10 year bond yields higher.

Euro lower-upper 1.24 handle level versus USD.

Asian/European and US Futures are all lower.

Oil lower- Gold and Silver higher. 

HAVE A GREAT DAY & GOOD LUCK
Posted by at No comments:

Wednesday, June 20, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbyscorner-Open Market-June.20.2012

Posted: 20 Jun 2012 05:43 AM PDT

Good Morning;

Markets are on hold-as we await the FOMC announcement later this afternoon.
The G-20 meeting is concluding-with members agreeing to European plans to integrate their banking industry, along with a closer economic union (haven’t we heard that before).
We should have a 3-party coolition agreement in Greece by days end. 
The Greek’s have announced that Vassillis Rapanos, currently Chairman of the National Bank of Greece,
will be named as Finiance Minister (he must of picked the short straw). 

The UK-MPC minutes were released and they voted 5-4 to keep QE stable, and 9-0 to keep interest rates on hold.

Asian equity markets were higher, European equity markets are mixed.  US Futures are higher too.
Oil is higher-Gold is lower.

HAVE A GREAT DAY & GOOD LUCK
Posted by at No comments:

Tuesday, June 19, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.19.2012

Posted: 19 Jun 2012 05:21 AM PDT

Good Morning:

It looks like we may see a coalition government getting set up in  Greece in the next few days.

BUT-There  are many more important things for the markets to keep an eye on:
We have the FOMC meeting stating today.
First audit results for Spanish banks
Bank of England’s first (liquidity adding) cash tender today- (results about 10 AM EST)
G20 meeting continues- There is some talk about disappointment with the G20 that might hurt European sentiment, but I can't believe that any reasonable person expected the G20 to come to the rescue.

In other European news:
German ZEW survey was very disappointing -16.9 in June from +10.8 in May.  Much worse than expected.
2nd Spanish bank audit delayed until September from July
Italian and Spanish 10 year yields are a touch softer today- but Spain is still over 7%.

Asian equity markets were lower-Europe is mostly higher-and US Futures are also higher at this time.

Gold, Silver and Oil are all higher. 

HAVE A GREAT DAY & GOOD LUCK
Posted by at No comments:

Monday, June 18, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.18.2012

Posted: 18 Jun 2012 05:33 AM PDT

Good Morning:

The election in Greece has propelled the New Democracy party as the clear winner.
It will take Greece weeks to form a government-and I do hope that it is a coalition that will stay together. 
As the New Democracy party is pro-bailout-pro euro-pro austerity-the markets took a breather.  The Euro was higher-as were equity markets.

The euphoria was short lived-as the Euro lost ground-as did most  equity markets.
Asian equity markets were higher-Europe equities started in positive territory-but are now losing ground-and are mixed.   
US Futures are now lower also.   Gold, oil and silver are all lower.

The overall problems do not go away:
Greece’s economy is in a tailspin
10 year Spanish bond yields hit a all time euro era high of 7.16%-while the spread to bunds is 574 bps.
Itialian bonds are also showing higher yields.
Portugal’s Economic Minister comments that the Portuguese economy has a liquidity problem.
Ireland is discussing extending their repayment scedule to 30 years from 15 years. 

These issues and many more will just not go away anytime soon.

HAVE A GREAT DAY & GOOD LUCK
Posted by at No comments:
Subscribe to: Comments (Atom)